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47. Provisions for employee benefits

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Due to the adopted accounting policy and the fact that the PZU Group entities did not separate defined benefit assets, the carrying amount of defined benefit provisions is equal to the current value of the corresponding liabilities.

The actuarial assumptions used for the purpose of estimating provisions for employee benefits have been presented in Note 6.2.5.

Provisions for employee benefits31 December 201431 December 2013
Provision for employee leaves 71,923 60,094
Post-employment benefits 44,384 31,365
- provisions for retirement severence pay 20,923 12,141
- provisions for death benefits 23,461 19,224
Other long-term employee benefits 3,763 31,921
Total provisions for employee benefits 120,070 123,380
47._provisions_for_employee_benefits_pzu_2014.xlsx

Net income and expenses recognized in the statement of profit or loss related to provisions for employee benefits1 January – 31 December 20141 January – 31 December 2013
Net revenue (expenses) recognized in profit or loss -1,505 -4,574
Defined benefit plans -1,492 -5,700
- provisions for retirement severence pay -1,896 -2,654
- provisions for death benefits 404 -3,046
Other long-term employee benefits -13 1,126
Net revenue (expenses) recognized in other comprehensive income -8,438 902
Defined benefit plans -7,933 902
- provisions for retirement severence pay -3,306 862
- provisions for death benefits -4,627 40
Other long-term employee benefits -505 -
Total net income and expenses recognized in the statement of profit or loss related to provisions for employee benefits -9,943 -3,672
47._provisions_for_employee_benefits-net_income_and_expenses_pzu_2014.xlsx

47.1 Provisions for retirement benefits

Change in the balance of provision for retirement benefits1 January – 31 December 20141 January – 31 December 2013
Opening balance 12,141 12,145
Changes recognized in profit or loss 1,896 2,654
- current service cost 1,561 1,084
- past service cost 185 440
- interest income or expense 150 1,130
Remeasurement of provision (changes recognized in other comprehensive income) 3,306 -862
- actuarial profits and losses resulting from changes in demographic assumptions -271 113
- actuarial profits and losses resulting from changes in financial assumptions 3,577 -975
Exchange differences 56 -
Benefits paid -548 -1,806
Change in group composition 4,072 10
Closing balance 20,923 12,141
47.1_provisions_for_retirement_benefits_pzu_2014.xlsx

Total expected cash flows from retirement benefits since the end of the financial year31 December 201431 December 2013
Up to 3 months 608 64
Over 3 months and up to 1 year 908 494
Over 1 year and up to 5 years 3,274 3,040
Over 5 years 69,207 65,092
Total 73,997 68,690
47.1_provisions_for_retirement_benefits-total_expected_cash_flows_from_retirement_benefits_pzu_2014.xlsx

47.2 Provisions for death benefits

Change in the balance of provision for death benefits1 January – 31 December 20141 January – 31 December 2013
Opening balance 19,224 16,460
Changes recognized in profit or loss -404 3,046
- current service cost 2,195 1,369
- past service cost -2,685 1,334
- interest income or expense 86 343
Remeasurement of provision (changes recognized in other comprehensive income) 4,627 -40
- actuarial profits and losses resulting from changes in demographic assumptions 227 896
- actuarial profits and losses resulting from changes in financial assumptions 4,400 -936
Benefits paid -81 -242
Change in group composition 95 -
Closing balance 23,461 19,224
47.2_provisions_for_death_benefits_pzu_2014.xlsx

Total expected cash flows from death benefits since the end of the financial year31 December 201431 December 2013
Up to 3 months 299 56
Over 3 months and up to 1 year 948 957
Over 1 year and up to 5 years 6,043 5,798
Over 5 years 79,873 76,972
Total 87,163 83,783
47.2_provisions_for_death_benefits-total_expected_cash_flows_from_death_benefits_pzu_2014.xlsx